Moody’s reviews Odyssey for cut

Moody’s Investors Service said it placed the ratings of Odyssey Europe Holdco Sarl (Olympic) on review for downgrade, including the company’s B2 corporate family rating, B2-PD probability of default rating and B2 rated senior secured notes.

"Olympic’s review for downgrade reflects the rapid and widening spread of the coronavirus outbreak, which has prompted the closure of land-based casino operations in all of Olympic’s six markets - Estonia, Latvia, Lithuania, Slovakia, Italy and Malta. This is likely to cause Olympic’s revenues and EBITDA to fall sharply in 2020 and lead to a drain on the company’s cash flow and liquidity," said Florent Egonneau, an associate vice president and Moody’s lead analyst for Olympic, in a press release.

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